Hero Motors IPO
Market Sentiment
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Final |
|---|---|---|---|
| QIB | 0.01x | 0.07x | 1.59x |
| NII | 1.25x | 3.90x | 10.48x |
| bNII > ₹10L | 0.72x | 2.62x | 8.62x |
| sNII 2-10L | 2.31x | 6.46x | 14.20x |
| Retail | 2.23x | 5.02x | 8.76x |
| Total | 1.39x | 3.37x | 7.08x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 1,083.42 | 1,111.23 | 1,216.74 |
| Expense | 1,059.12 | 1,072.16 | 1,153.78 |
| Profit (PAT) | 17.04 | 32.80 | 41.17 |
| Total Assets | 1,059.86 | 1,164.62 | 1,371.83 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Hero Motors This IPO | 0.91 | 92.31 | 8.53 | 12.72 | - |
| CIE Automotive India Limited | 21.69 | 17.68 | 13.18 | 164.65 | 9,406.47 Cr |
| Endurance Technologies Limited | 67.66 | 40.84 | 15.29 | 442.54 | 14,595.88 Cr |
| Sona BLW Precision Forgings Limited | 10.30 | 76.50 | 10.77 | 93.93 | 4,449.46 Cr |
| UNO Minda Limited | 20.78 | 59.84 | 19.59 | 113.77 | 19,657.59 Cr |
| Varroc Engineering Limited | 14.73 | 56.15 | 18.70 | 80.45 | 8,890.49 Cr |
Promoters & Holding Pattern
Promoters: Pankaj Munjal, Charu Munjal, Abhishek Munjal and O P Munjal Holdings
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 35,83,36,019 | 91.41% |
| Promoter Holding Post Issue | 27,99,21,139 | 61.63% |
Strengths & Risks
- Strongly subscribed — 7.1x overall (final).
- Mostly fresh capital — proceeds fund the company's growth, not an exit.
- Backed by anchor investors — Rs 300 crore committed pre-issue.
- Elevated leverage — debt/equity of 1.76.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Hero Motors
Hero Motors Limited is one of the leading companies in the case of design, development, and supply of advanced powertrain solutions to OEMs in the US, Europe, India, and ASEAN. The company offers a variety of products used in different types of vehicles, such as two-wheelers, e-bikes, high-performance cars, off-road vehicles, electric and hybrid cars, heavy-duty vehicles, and eVTOL aircraft. The company is blessed with various products, as its products are deployed in various things such as bikes, e-bikes, cars, off-road and heavy vehicles, electric and hybrid models, and flying vehicles like eVTOLs. Hero Motor Limited has two main business areas: Powertrain Solutions, systems that help vehicles move by turning energy into motion. Alloys and Metallics, which are Special materials used in electric, fuel-based, and hybrid vehicles, are suitable for all types of powertrains.
Company Contact Information
Hero Motors Ltd., Hero Nagar,, GT Road,, Ludhiana, Ludhiana, Punjab, 141003
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by our Company | 285.00 |
| Capital expenditure of our Company through purchase of equipment for expansion in capacity of our Gautam Buddha Nagar, Uttar Pradesh facility | 237.00 |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes | - |
Resources & Documents
Anchor Investors
Hero Motors IPO - Quick Take
Hero Motors has set a price band of Rs 79–Rs 84 per share for an issue size of Rs 1,000 crore. The stock listed with a 2.26% discount versus its issue price on September 23, 2026.
The issue is promoted by Pankaj Munjal, Charu Munjal, Abhishek Munjal and O P Munjal Holdings with ICICI Securities Limited, Dam Capital Advisors Ltd, Jm Financial Limited acting as lead manager. Anchor investors have committed Rs 300 crore ahead of the public issue — about 30% of the total issue size. Anchor allocation was completed on September 15, 2026. Net proceeds will primarily be used towards repayment/prepayment/redemption, in full or in part, of certain outstanding borrowings availed by our Company (Rs 285 crore) and capital expenditure of our Company through purchase of equipment for expansion in capacity of our Gautam Buddha Nagar, U… (Rs 237 crore).
At the upper end of the price band, the issue is priced at a post-issue P/E of 92.31x. On fundamentals, the company is posting revenue growth of 9.5%, a profit margin of 3.4%, return on equity of 8.6% in its most recent reported period. Listed peers in this segment include CIE Automotive India Limited (P/E 17.68x) and Endurance Technologies Limited (P/E 40.84x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read weak — several key indicators are reading below average. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Hero Motors IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was -3.6%. Of the 15 Mainboard IPOs we have tracked with a final GMP below zero, 2 listed above, 0 flat and 13 below the issue price; Hero Motors listed 2.3% below its issue price.
See the full Hero Motors GMP history and trend, or learn how grey market premium works and how reliable it is.
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